Duty of
company to register charges created by company.
19 & 20 Geo. 5, c. 23, $. 80.
Duty of company to register charges existing on property acquired. 19 & 20 Geo. 5, c. 23,
s. 81.
1292
or allowance so paid or made, but omission to do this shall not affect the validity of the debentures issued:
Provided that the deposit of any debentures as security for any debt of the company shall not for the purposes of this subsection be treated as the issue of the debentures at a discount.
(9) In this Part of this Ordinance-
(a) the expression "charge" includes mortgage; (b) the expression "the fixed date" means in relation to the charges specified in paragraphs (a) to (f), both inclusive, of subsection (2) of this section, the first day of January, nineteen hundred and twelve, and in relation to the charges specified in paragraphs (g) to (i), both inclusive, of the said subsection, the com- mencement of this Ordinance.
80.-(1) It shall be the duty of a company to sen:1 to the registrar of companies for registration the parti- culars of every charge created by the company and of the issues of debentures of a series, requiring regis- tration under the last foregoing section, but registra- tion of any such charge may be effected on the application of any person interested therein.
(2) Where registration is effected on the application of some person other than the company,
that person shall be entitled to recover from the company the amount of any fees properly paid by him to the registrar on the registration,
(3) If any company makes default in sending co the registrar for registration the particulars of any charge created by the company, or of the issues of debentures of a series, requiring registration as afore. said, then, unless the registration has been effected on the application of some other person, the company and every director, manager, secretary or other person, who is knowingly a party to the default shall be liable to a fine not exceeding five hundred dollars for every day during which the default continues.
81.-(1) Where after the commencement of this Ordinance a company registered under this Ordinance acquires any property which is subject to a charge of any such kind as would, if it had been created by the company after the acquisition of the property, have been required to be registered under this Part of this Ordinance, the company shall cause the prescribed particulars of the charge, together with a copy (certified in the prescribed manner to be a correct copy) of the instrument, if any, by which the charge was created or is evidenced, to be delivered to the registrar of companies for registration in manner required by this Ordinance within five weeks after the date on which the acquisition is completed:
Provided that, if the property is situate and the charge was created outside the Colony (or, in the case of a China company, outside the district of the British Consulate at Shanghai), five weeks after the date on which the copy of the instrument could in due course of post, and if despatched with due diligence, have been received in the Colony (or in such district, in the case of a China company) shall be substituted for five weeks after the completion of the acquisition as the time within which the particulars and the copy of the instrument are to be delivered to the registrar.
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine of five hundred dollars.
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